Not only is Stephen Elop a former Microsoft business manager, but he's a Canadian. This is big news for the Finnish company, which is in drastic need of an image overhaul in areas other than Europe and Asia.

Current Nokia CEO and President Olli-Pekka Kallasvuo is expected to hand over the reins on September 21st, with Elop's "strong software background and proven record in change management" no doubt proving lucrative for the flailing company, whose stock fell 40 per cent in just three months earlier this year.